Libyan GDP Grew 55% in 2017

According to the WFP‘s latest Safety Nets Alert Platform (SNAP), the Gross Domestic Product (GDP) in Libya grew up by 55 percent in 2017 from the previous year. The improved performance has been driven by a revival in oil output and a pick-up in global oil prices.

Crude Oil Production in Libya decreased slightly to 955 thousands of barrels per day (BBL/D/1K) in May from 979 BBL/D/1K in April of 2018. However, current crude oil production is on relatively high level when compared to previous years.

Improved economic performance has led to a strengthening of the Libyan dinar on the parallel market in early 2018, which has in turn lowered import costs.

Meanwhile, in May Libyan dinar on the parallel market devaluated 7 percent when compared to April 2018 reaching 6.8 for US dollar (USD/LYD).

Inflation rate in February 2018 went down to 18 percent year on year. Cost of food increased 30.9 percent in February of 2018 over the same month in the previous year, while in January 2018 food inflation was recorded at 44.5 percent level.

The cost of the main food commodities increased in May 2018 by 2% on national average, when compared to previous month. Food price are continued to be higher in south governorates of the country.